Bharat Forge Receives ICRA Credit Rating Reaffirmation Across Multiple Facilities
Bharat Forge Limited received credit rating reaffirmation from ICRA across multiple facilities, maintaining [ICRA] AA+ (Stable) ratings for long-term facilities and [ICRA] A1+ for short-term facilities. The rating agency reaffirmed ratings for Rs. 125.0 crore non-convertible debentures while withdrawing ratings for Rs. 700.0 crore debentures, reducing the current rated amount to Rs. 0.0 crore. The reaffirmation demonstrates strong creditworthiness and was disclosed in compliance with SEBI regulations on March 10, 2026.

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Bharat Forge Limited has received credit rating reaffirmation from ICRA across multiple facilities, demonstrating the company's strong financial position and creditworthiness. The rating agency has maintained its positive assessment while making specific adjustments to certain debt instruments.
Credit Rating Reaffirmation Details
ICRA has reaffirmed Bharat Forge's credit ratings across various facilities, maintaining the [ICRA] AA+ (Stable) rating for several key categories. The reaffirmation covers long-term fund-based facilities, working capital facilities, term loans, unallocated limits, and the company's issuer rating.
| Facility Type: | Rating Status |
|---|---|
| Long-term Fund-based/Working Capital: | [ICRA] AA+ (Stable); reaffirmed |
| Long-term/Short-term Fund-based/Term Loans: | [ICRA] AA+ (Stable) / [ICRA] A1+; reaffirmed |
| Non-fund Based Facilities: | [ICRA] A1+; reaffirmed |
| Long-term/Short-term Unallocated Limits: | [ICRA] AA+ (Stable) / [ICRA] A1+; reaffirmed |
| Issuer Rating: | [ICRA] AA+ (Stable); reaffirmed |
Non-Convertible Debentures Rating Update
The rating agency has made specific changes to the company's non-convertible debentures ratings. While maintaining the [ICRA] AA+ (Stable) rating for Rs. 125.0 crore non-convertible debentures, ICRA has reaffirmed and withdrawn ratings for another tranche of debentures.
| Debenture Category: | Previous Amount | Current Amount | Rating Action |
|---|---|---|---|
| NCD Tranche 1: | Rs. 125.0 Crore | Rs. 125.0 Crore | [ICRA] AA+ (Stable); reaffirmed |
| NCD Tranche 2: | Rs. 700.0 Crore | Rs. 0.0 Crore | [ICRA] AA+ (Stable); reaffirmed and withdrawn |
Regulatory Compliance
The company has disclosed this information in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimation was signed by Tejaswini Chaudhari, Company Secretary and Compliance Officer, and communicated to both BSE Limited and National Stock Exchange of India Limited on March 10, 2026.
The rating reaffirmation reflects ICRA's continued confidence in Bharat Forge's credit profile and financial management capabilities across its diverse business operations.
Historical Stock Returns for Bharat Forge
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.08% | -1.97% | +15.83% | +55.89% | +72.35% | +200.57% |


































